All about the purchase offer
All about the purchase offer
After visiting an apartment for sale or a house for sale, you may be interested and you want to position yourself to indicate it to the seller.
To do this, you will give him an offer to purchase written by you. What does it contain and involve?
The offer to purchase is a writing expressing to the seller your wish to buy his property. In order for it to be valid and to facilitate your exchanges with the seller, we inform you about the elements that you must appear.
The support of the offer to purchase
The offer to purchase does not contain any standard form and may very well be written on a blank sheet, by e-mail or even by SMS. The courts have recognized that even a short SMS can be considered a valid offer for the purchase of a house.
The value of the offer to purchase
Making an offer for a property is not a trivial act, it is a real commitment, whether you are a buyer or seller. An accepted offer to purchase commits you vis-à-vis the seller, the sale is concluded, because there is an agreement on the transfer price and on the property. Unless both parties agree to cancel the offer, there is no turning back, even if no deposit has been paid.
It is strongly discouraged to make one only to block a property and retract afterwards. At the risk of incurring on the one hand the risk of lawsuits, and on the other hand of damaging his credibility as a buyer with the real estate agent with whom one may have to visit other properties.
In case of doubts about your intentions to buy a property, you can make an offer to buy orally, it does not commit you much and can thus retract by not making a written offer to purchase. In return, the seller is also not related to you and he will be able to offer the property to another buyer.
Seller: Receive an offer to purchase
When a buyer makes an offer at the required price, it does not mean that the sale is closed automatically. A price is an opening to negotiation, in no case can it remain only an offer.
As a seller, in the event that you receive several offers to purchase, it is at your convenience to accept among all the proposals the one you want. Even if it is not the highest. In this case a competition to raise prices is also possible. On the other hand, care must be taken to ensure that it does not turn into an auction. This type of sale cannot be organized solely by notaries.
Buyer: Issue an offer to purchase
Before making an offer, find out about your borrowing capacity and the different current rates offered, about the additional costs and as such as in the name of an SCI (advantages and disadvantages).
Be sure to limit the offer in time, commonly the mention "offer valid until XX/XX/XX" is included. Otherwise, your offer remains valid, even if the seller does not accept it until weeks or months after receipt.
After making an offer, you still have the option to change your mind as long as the seller has not given his consent. On the other hand, as soon as the seller has accepted the offer, there is no possibility to go back. Unless both parties agree to cancel the offer, as mentioned earlier in the article.
No payment is allowed when an offer to purchase is made. The only payment that occurs before the signature of the authentic deed is that of the receiver that accompanies the signing of the sales agreement. You will have to pay a percentage of the sale price under receivership, and you will have 10 days to withdraw from the sale without losing the money paid.
Mentions of the offer to purchase
- Seller's name
- Name of buyer(s)
- Address of the property
- Bid price
- Period of validity of the offer
- Reservations, any remarks and conditions precedent
- Signature and date
The offer to purchase is a writing expressing to the seller your wish to buy his property.
You want to
to sell in Paris or its surroundings ?
Posted on 21/10/2021 by
Andy LECUYER
